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If you had a vehicle stolen in Texas is there any tax breaks, extra refunds etc.?

 
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1 Reply
Hal_Al
Level 15

If you had a vehicle stolen in Texas is there any tax breaks, extra refunds etc.?

No. Starting in 2018, there is no longer a deduction for "casualty losses".

 

Even in the "old days", the deduction was limited. 

To claim a tax deductible casualty loss you  not only had to subtract what the  insurance company paid, you could only deduct your losses that exceed 10% of your AGI+$100. In addition, it was an itemized deduction. If you usually took the standard deduction, you'll had to now find additional itemized deductions to exceed the standard deduction. A taxpayer seldom had a net tax deductible casualty loss, in a car accident/theft, where insurance was involved.

 

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